A High Yield Savings account

is designed for customers that may not want or need checks. You still have easy access to your funds via an ATM card, over the telephone or online.

Usually, a high yield savings account carries no fees if the balance is over a certain minimum. Often as low as $50. Many institutions let you open an account for as little as $1,000.

The term "High Yield Savings Account"

is really just a term for a more exclusive savings account available to bank's top clients. It will pay a higher interests and carry a few extra perks. To qualify you often need a large deposit, keep the balance over time, limit transactions in and out of the account and often you have to maintain other banking relationships.